GNSS Equipment Market Estimated to Grow at a CAGR of 12.80% During 2021-2026

October 28 00:38 2021
GNSS Equipment Market Estimated to Grow at a CAGR of 12.80% During 2021-2026
GNSS Equipment Market
The Potential Launches of Higher Performance and Robust Positioning Accuracy Devices and Other Satellite Positioning Systems Are Driving the Growth of the GNSS Equipment Market

GNSS Equipment Market size was valued at $160.30 billion in 2020, and it is estimated to grow at a CAGR of 12.80% during 2021-2026. GNSS stands for Global Navigation Satellite System and is integrated with Global Positioning System systems to manage precise location positioning anywhere on earth. The advancement in smartphone technologies, increasing use of mobile augmented reality and digitalization are some of the significant factors that propel the growth of the GNSS Equipment market globally. Moreover, the significant penetration of satellite positioning in-vehicle systems and growing demand for location-based services for personal tracking for efficient fleet operation solutions to manage warehouses along with the overall supply chain hub are set to drive the market. In addition, with the growing end-users of consumer electronics and wearable with embedded GLSS equipment, along with the increasing investments by the companies like Tesla and Mercedes-Benz for denoting autonomous driving and other respective Automatic vehicle location features are estimated to boost the GNSS Equipment Industry.

GNSS Equipment Market Segment Analysis – By Equipment

By Equipment, the GNSS Equipment market is segmented into Smart antena, Receivers, Field Controllers, and others. The GNSS Receivers are estimated to hold the maximum market and grow at a 11.1% CAGR during the forecast period. The constant enhancement of the entire GNSS infrastructure, along with the significant adoption of cost-effective and high reliability GNSS solutions to denote various services, including automotive navigation system and more are contributing to the growth of the market. In September 2020, Bynav, a reliable developer and provider of high-precision GNSS products launched an IMU-enhanced GNSS RTK rugged enclosure receiver X1, in collaboration with Epson China Co Ltd. The GNSS high-precision positioning and heading receiver of Bynav is developed to offer 3D attitude data and reliable centimeter-level position in harsh environments. Therefore, the potential launches of higher performance and robust positioning accuracy devices and other satellite positioning systems are driving the growth of the GNSS Equipment Market.

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GNSS Equipment Market Segment Analysis – By Application Type

By Application Type, the GNSS Equipment market is segmented into Time Synchronising, Location Based Services, Unmanned systems, surveying and mapping, and others. The Surveying and Mapping are analyzed to hold the major share and grow at a CAGR of 6.8% during the forecast period 2021-2026 owing to the growing adoption of GNSS devices across the units such as traffic, road and maritime. The promising demand for reliable and superior connectivity between the land and sea service has further accelerated the market growth. In April 2019, ZTE, a leading global provider of telecommunications, enterprise and consumer technology solutions for the Mobile Internet, announced the business collaboration with Zhejiang Branch of China Mobile, and decided to launch “Heweitong”, a marine broadband satellite solution. The Heweitong, the marine broadband satellite is designed to deliver robust mobile network extension to the ocean. Thus, the innovations of varied GNSS equipment for surveying applications and other advancement of emergency locator transmitters are estimated to drive the GNSS Equipment Market.

GNSS Equipment Market Segment Analysis – By Geography

Asia Pacific is accounted for the largest market size of the GNSS Equipment market and is projected to grow 12.99% CAGR during the forecast period. The presence of the leading consumer electronics manufacturers, such as Quectel Wireless and Navika Electronics, and various on-going technological innovations, including wearable devices, smartphone and many more, in reference to real-time data for tracking as well as recording are estimated to drive market in this region. In fact, North America is analyzed to be the second largest holder of the GNSS Equipment market owing to the early adoptions of GPS-Aided GEO Augmented Navigation system, increasing implementation across personal device-based GPS coupled up with ADAS enables automotive technology by the major car companies like Tesla and Mercedes Benz. Autonomous driving generally implements artificial intelligence to steer and GLSS systems to locate the position, velocity, and direction of a vehicle. Based on the rising demand of visibility across the various industry-verticals, in December 2020, the leading GPS Tracking Systems provider, Rewire Security launched GPS & Telematics software for fleets to get the location of vehicles in real-time, driver route history and many more. The increasing implementation of train collision prevention systems like Positive train control in the United States and European Train Control System in Europe to calculate the distance between two accident prone trains are estimated to drive the market in these regions. In January 2019, Allystar launched a multi-band, multi-GNSS chip for devices. The HD8040 series helps portable devices in terms of greater accuracy, precision and available measurements. Therefore, the launches of new cost-effective technologies, such as automotive navigation system along with rising demand among consumers are estimated to drive the GNSS Equipment market in this region.

GNSS Equipment Market Drivers

Increasing applications of GLSS for improved location positioning

With technologies getting more and more accessible, there is also a rise in GNSS Equipment application. The use of GNSS in precision agriculture for enhanced agriculture production and a better crop yield. This use of GNS combined with artificial intelligence tools will help in better weather prediction in places where the production of crops is majorly dependent on rain and other weather conditions. Moreover, the use of GLSS equipment in unmanned driving of automobiles will further provide lucrative opportunities. In January 2020, Qualcomm Technologies, Inc. launched three new mobile platforms: the Qualcomm® Snapdragon™ 720G, 662 and 460, which provide improved user experiences across connectivity, entertainment and gaming. These new mobile platforms also offer fast 4G connectivity speeds, GNSS to improve location positioning and deliver key Wi-Fi 6 features. Therefore, the high adoption of consumer electronics like Mobile phones and wearables using GNSS, and other associated developments such as gravity-gradient stabilization solution are analyzed to accelerate the GNSS Equipment market.

Government policies encouraging production of new technologies locally

The introduction of new government policies in developing nations like ‘Make in India’ has motivated major companies like Apple and Samsung to establish their manufacturing plants in India. This has led to increased investment to manufacture technologies that implement GLSS in these developing countries. This will in turn reduce the prices of consumer electronics and make them accessible to more and more people. This is set to drive the market majorly in the APAC region. In August 2020, Sony announced the launch of high-precision GNSS Receiver for IoT and wearable devices. Hence, such advancements of Geosynchronous orbit systems and growing government initiatives are estimated to boost the GNSS Equipment market.

GNSS Equipment Market Challenges

Expensive GNSS components

With an increase in end users, there has been a significant increase in the demand for the infrastructure required to deliver the GNSS signals. The components like new satellites and advanced navigation based receiver systems which come at an exorbitant high price is a major challenge that hinders the growth of the GLSS market.

GNSS Equipment Market Landscape

Technology launches, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the GNSS Equipment market. GNSS Equipment’s top 10 companies include JAVAD GNSS, Huber+Suhner, U-blox, Cobham PLC, Inmarsat Communications, Iridium Communications, Inc., Intellian Technologies Inc., KVH Industries, Hughes (EchoStar)Harris Corporation and others.

Acquisitions/Technology Launches

In November 2020, Huber+Suhner launched a new updated lineup of Sencity Rail antennas that can receive signals from all four GNSS satellites: BeiDou, Galileo, GPS and GLONASS.

In November 2020, U-blox announced their new integrated GNSS platform that delivers high performance positioning applications and is extremely power efficient at the same time.

In June 2020, Intelligent positioning solutions provider, Position Partners announced the launch of MiRTK service for GNSS equipment for surveying and machine control.

Key Takeaways

The GNSS Receivers is estimated to hold the maximum market and grow at a 11.1% CAGR during the forecast period, owing to the constant enhancement of the entire GNSS infrastructure, along with the significant adoption of cost-effective and high reliability GNSS solutions.

The introduction of Government policies encouraging production of new technologies locally drives the growth of GNSS Equipment market.

Asia Pacific is accounted for the largest market size of the GNSS Equipment market and projected to grow 12.99% CAGR during the forecast period. The presence of the leading consumer electronics manufacturers, such as Quectel Wireless and Navika Electronics, and various on-going technological innovations are driving the growth of the market.

Related Reports:

A. GNSS Chip Market

https://www.industryarc.com/Research/Gnss-Chip-Market-Research-505349

B. Navigation Systems Market

https://www.industryarc.com/Report/215/global-navigation-systems-market-share-size-analysis-forecast-report.html

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